Bloomberg Tax
Nov. 1, 2021, 4:56 PM

Virginia Office Building Gets Valuation Break From High Court

Sam McQuillan
Sam McQuillan

Virginia’s highest court lowered a real estate company’s property assessment by $70 million, after it determined a lower court erred in dismissing witness testimony.

The Virginia Supreme Court on Oct. 28 granted CSHV Lincoln Place LLC’s request to reduce the value of two Pentagon City office buildings for tax years 2017 and 2018.

More: The high court said the Circuit Court of Arlington County erred by throwing out testimony from a county witness, who, like the company’s witness, found the property’s fair market value lower than the assessed value. The lower court found the company witness’s opinion flawed, ...